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Economic Growth Quiz 12 (25 MCQs)

Quiz Instructions:

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1. What is true about literacy rate and how well off people are (or, the standard of living) in a country?
2. Economic Growth can be defined as:
3. "Economic Growth" refers to:
4. What did the reduction in taxes on luxury items and consumer goods aim to do?
5. Why is Real GDP better than Nominal GDP
6. Bella can produce either a combination of 60 silk roses and 80 silk leaves or a combination of 70 silk roses and 55 silk leaves. If she now produces 60 silk roses and 80 silk leaves, what is the opportunity cost of producing an additional 10 silk roses?
7. Which of the following is an effect of Spindletop?
8. Nigeria exports more than _____ million barrels of oil daily.
9. What are two causes of economic barriers?
10. Which diagram shows economic growth?
11. A country's _____ is the percentage of adults who can read and write.
12. GDP is the total value of goods and services
13. Germany has a system of universal higher education, meaning that everyone in the country can attend a university to earn an academic degree for free. For what economic reason does Germany have a system of universal higher education?
14. United states:$54, 541
15. How does entrepreneurship contribute to economic growth?
16. Discuss the role of government policies in promoting industrial and economic growth.
17. What are the causes of economic recession?
18. Productive resources are used to make what?
19. What will result in the short run from rising unemployment in an economy?
20. Economic growth in a country is NOT measured by the country's Gross Domestic Product (GDP) in one year.
21. What is the definition of Gross Domestic Product (GDP)?
22. Final output products value that is produced by citizens in a country, regardless of where they are located is known as
23. The United Kingdom has large deposits of coal, petroleum, natural gas, iron ore, lead, zinc, and gold. The country will use these items to create products to sell. Which factor of production is being used to increase the GDP?
24. The percentage of adults who can read and write
25. Better roads and railroads allowed all of the following EXCEPT _____
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